SOURCE: Green Star Alternative Energy, Inc.

Green Star Alternative Energy, Inc.

April 27, 2009 06:30 ET

Green Star/Notos JV to Acquire 60 MW Wind Energy Project

SAN DIEGO, CA--(Marketwire - April 27, 2009) - Green Star Alternative Energy, Inc. (PINKSHEETS: GSAE) ("GSAE" or the "Company") (http://www.greenstarae.com/) is pleased to announce the negotiations for a 60 MW wind energy partnership project, and potentially other future projects with Vintim d.o.o., a private Serbian wind research company.

According to Vintim's research, this project has outstanding historical wind measurements and can produce more than 175 GW/h per year for the Province of Vojvodina. This represents potential gross revenue of over $23 million per annum.

GSAE's participation may include revenue sharing, a joint venture, or an outright acquisition. Closure is expected within 30 days, more details to follow.

Miodrag Andric, President of Notos, commented, "This merger helps create a 'made-in-Serbia' energy leader with the assets, cost structure, and financial strength to compete at the regional level. The combined portfolio boasts one of the largest wind resource positions, a strong Serbian brand, and production assets."

"More than just a strategic fit, I also believe there is much common ground in our corporate vision," said Professor Zlatanovic -- the man behind Vintim. "Both Notos and Vintim have a history of innovation and pushing the frontiers of wind and green development in Serbia. And just as important, both companies have taken a leadership position in striving to develop not just resources -- but also communities, the economy, and our quality of life. We have both put a strong focus on people and our shared environment. I expect that focus to be even stronger as we move forward."

J. M. De Castro, CEO of Green Star Alternative Energy, stated, "I am pleased with our increase in revenue potential. We are well on our way to fulfilling our corporate plan and delivering greater value to our shareholders."

GSAE would like to remind the public that J.M. De Castro, CEO, will be available for a live interview at http://www.investmentnation.com on Wednesday, April 29th, 2009, at 6 pm EDT to discuss the company's plans moving forward. Investors who wish to attend the interview are encouraged to view the GSAE message board, within the Investment Nation Website, by visiting the following link http://www.investmentnation.com/viewboard.php?id=357&sb=Y&sc=Y. We also have another live interview scheduled at http://www.stockhideout.com on Monday, May 4th, 2009 at 10 am; on that date and time, participants may login by navigating to the following webpage http://www.stockhideout.com/visichat/

About Green Star Alternative Energy (PINKSHEETS: GSAE)

Green Star Alternative Energy is an environmentally conscious, renewable energy producer. The Company is working to develop more than 300 MW (megawatts) of clean electricity through wind energy. The corporate revenue model is two-fold: the use of a renewable resource allows not only for the creation of environmentally friendly energy, but the granting of carbon (greenhouse gas) emission credits which may be traded and sold. Green Star is pursuing a significant opportunity to provide clean energy to the growing Republic of Serbia and neighbouring European countries. Through a joint venture with key wind farm and power trading company Notos, Green Star will become the nation's first developer of wind power. GSAE is focussed on green technology and sustainable energy programs like wind turbines, hydro electric power generation, and other renewable electricity models.

FORWARD-LOOKING STATEMENTS

This press release contains 'forward-looking statements.' These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' or 'anticipates,' 'estimates,' or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company's plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding mineral reserves, success of mining plans, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Del Mar Corporate Communications, LLC
    Toll Free (866) 949-5735
    M-F 10AM-10PM EDT

    For further information contact:
    866-955-GSAE (4723)
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